I wish I could be writing about positive news, but these days there is very little positivity in South Africa. They have been trying to hide things way from the rest of the world and now everybody is aware of the reality going on.
This week the World Bank rejected a R29 billion or $1.6 billion loan for South Africa. The World Bank said the SA economy is stagnant which I would call that kind words as it feels like it is shrinking. The problem is there are no investments happening and money has been leaving the country and the future outlook is looking very negative.
The problem is rather obvious and the World Bank for once suggested to the SA Government to do away with the racist policies of Black Economic Empowerment. For once the issue of racism is being faced head on and this is way over due. When you consider the government has been in power for 31 years and they have changed very little when it comes to the balancing of the country's wealth.
The BEE rules were put in place to help those who had very little and readdress the past injustices and all they have done is help enrich party officials and their friends and family. Using the guise of helping the masses they helped the elite get wealthier by cheating and playing the system they created.
What this stat really tells you is that there are no new jobs being created ad combine that with a overall unemployment figure of 34%. The 60% youth unemployment is 16-34 year olds. The problem of having open borders does not help either.
It is no wonder the country finds itself at the top of the global unemployment charts because investments have dried up and businesses have closed down and left. Shell shut up shop last year after a government consortium wanted to cash out their shares when the book value was no longer in their favor. They tried to hustle Shell by including the refinery which was no longer active in the valuations and Shell shut down and left leaving them with nothing.
When you consider the playing field rules a company has to adhere by it is a miracle any are left. Firstly you have to allow for 30% of the company to be owed by BEE, plus give them directors title positions even if they are not capable. This is to make the books look good and know of black directors in the past who never even visited the company they were employed by. This was theft on another level and companies just have had enough.
On top of this companies were told who to employ by the color of their skin and not by selecting the best candidate for the position. Many companies would still be around if their hands were not tied when it came to employment. In some extreme cases you had to employ contracted workers to do the jobs of employees who were incapable of doing the work. Contractors were deemed temporary so by passed the BEE regulations so a top position could have double the cost implications. This was one of the major factors why South Africa Airways was never profitable besides the corruption.
As an outsider looking in you could see the chaos and these were once top companies in South Africa who no longer exist. I could see on many occasions how much was being lost out the back end of businesses and when that happens it is already far too late and it is down to management who have no clue. I had 3 of my large clients disappear this way and one company had been running for over 60 years.
Only if they change does SA have a chance of turning their economy around and with world sentiment in the negative for SA these days that may be a tall order. Why has this taken so long to get to this point as this racist policy has been kept out the news and now everyone knows. I am just grateful that I can move my family elsewhere and have a plan outside SA.
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It's such a sad human story (one of many of course) that a few people who should never be in power, get into power anyway and greedily siphon money off of everything, causing very hard lives for many, MANY other people.
I'm always so curious if those that are doing this ever let it cross their minds, the misery they are causing or if their intitled minds never entertain that for a second. I'm guessing the latter, I just can't imagine how.
No they do not care one bit for their people. This is why so may are uneducated as it is easier to control the illiterates. I have lived here for many years and hate how they treat their people. Most people here survive on less than $20 per month and is reason why the crime rate is so high. There would be jobs for everyone if they did away with racist policies that impact the entire economy.
Funny how corruption always seems to start with the best intentions
This is sad :( The fact that even in your own country you are not secured economically :(
This is sad:( That even in your own country you are not secured economically :( Leaders are the big factor on this.
So you never read the post otherwise you would not have written this comment. This is not about illegal immigrants and you are a complete moron. Take some advice and read things properly or not comment at all.
You only read it after I called you out and for someone who is anti the down vote you should be doing far better and read things properly before jumping in. This is about racism and not migration.
You don't get it and understand this subject with the consequences it has created leaving people unemployed and in this case millions unemployed so I guess lets leave this now.